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FICO’s big data analytics scores with Malaysia's CTOS

AvantiKumar | Dec. 16, 2014
CTOS, which will provide CTOS-FICO Scores to all of its clients from early 2015, has helped Malaysia become the easiest country to get credit in the world.

Dan McConaghy - FICO Asia Pacific President  

Photo - Dan McConaghy, President, FICO Asia Pacific.


Malaysian credit reporting agency CTOS Data Systems (CTOS) is to use FICO predictive analytics to provide CTOS-FICO Scores to all its clients from early 2015.

Eric Chin, chief executive officer of CTOS, said the CTOS-FICO Consumer Credit Score, based on FICO's scoring modelling technology, will be created by analysing the information found in CTOS's credit information database.

"The FICO Score is used across the world in more than 25 countries and we are sure that Malaysian lenders will benefit from this partnership," said Chin. "We believe that by working with FICO, the predictive analytics and decision management software company, we will further cement our position as the number one credit bureau in Malaysia."

He said FICO was selected for its track record and familiar brand presence. "FICO has been working with the Malaysian financial services industry for more than twenty years. We knew that FICO's vast experience in developing, rolling out and driving market adoption of bureau scores in different markets would be a boon to developing the market in Malaysia."

According to World Bank's Doing Business Report 2014, Malaysia was deemed the easiest country to get credit in the world (out of 189 countries). CTOS is proud to have contributed to that, said Chin. 

FICO scores

"FICO has been used by many organisations across the world to aid not only individual lenders but also their customers," said Dan McConaghy, president for FICO in Asia Pacific. "We expect that we will have the same transformative effect in Malaysia, especially as we are working with the largest private credit reporting agency in the country."

McConaghy said FICO Scores play an important role in billions of decisions each year for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. Lenders can use FICO Scores to more confidently tailor their credit product offerings to the risk profile of individual consumers. In this way lenders can safely increase their market share, reduce their risk exposure, and improve their profits.

Leong Mun Tong, senior director of Scores in APAC for FICO, said, "The partnership with CTOS will help change the lending landscape in Malaysia as it will enable all consumers in the country to have a credit score. This will help Malaysian lenders assess credit risk more efficiently and possibly offer credit to a new group of customers. Using our innovative, multi-faceted modelling approach to scoring, Malaysian lenders will now have greater efficiency throughout the entire consumer credit lifecycle, from marketing and originations to collections."

Established 1990 in Malaysia, private credit reporting agency CTOS has more than 20 years of experience in helping credit grantors make better credit decisions. CTOS is widely used by Malaysia's banking and financial institutions, insurance companies, large corporations, legal firms, businesses, state bodies and local councils bodies.


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